We know that you typically do whatever you can to pay your mortgage. But, falling on tough times can happen, which leaves you wondering how you are going to make your next payment. However, there are some great options to help you stay on top of your mortgage and avoid arrears and even foreclosure.
Option #1: For an insured mortgage, you will want to contact your lender directly. Lenders can support clients by reaching out to the insurer and the solutions department will get to work offering options. It is important to know that the lender does have to approve this and is not obligated to. But, it is in their best interest to do so.
Option #2: For an uninsured mortgage, you can take advantage of private lenders and short-term solutions. An example would be a private lender using the equity in the home to keep the first mortgage in perfect repayment. This is more for emergency situations and can be expensive, but cheaper and much less damaging than foreclosing on the home.